Consumer credit is a form of loan extended to ordinary consumers to buy consumer goods. Credit, broadly defined, is the provision of money from one entity to another, where the lender does not expect to be instantly compensated. Instead, the parties agree on payment at a later date, or in periodic installments. Most people living in Manteno, Illinois deal with at least one form of consumer credit every day: credit cards. In fact, credit cards are one of the biggest sources of consumer debt in the United States.

Why can't I Get Credit in Manteno, Illinois?

If you're having trouble getting credit in Manteno, Illinois the most likely reason is that you have no credit history, or a bad credit score. In Manteno, Illinois, private companies called "credit bureaus" compile a person's credit score using all available information about their finances, including their debt-to-credit ratio, records of evictions, and late payments. All of this information is fed into complex mathematical equations that calculate a numerical score. Precisely how these scores are calculated is known to very few people, since the formulas used are tightly-guarded trade secrets.

Under U.S. law, you are legally entitled to one free credit report per year. This allows you to perform a simple financial check-up, to see what's affecting your credit, and to report any incorrect information contained in your report. There are various websites that provide easy access to this information, but most of them require registration with a credit card. Once you view your free report, they will begin charging you a monthly fee unless you opt out. Some of them make this difficult by requiring that you cancel your membership by phone, rather than letting you do it online.

How Can I Improve My Credit Score in Manteno, Illinois?

To make your credit rating better, there are a few simple things you can do. First of all, you should check your report for mistakes and report them to the credit bureau to be corrected. It's also good to show that you can use credit responsibly. For example, someone with no credit history in Manteno may get a credit card, and use it for a few affordable purchases every month, and then pay down the whole balance at the end of the month. This is a good way to quickly obtain a good credit score.

Because credit reports are primarily meant to make it easier for possible lenders to assess your risk as a borrower, showing that you pay back your debts in a timely manner can go a long way in creating a good credit score.

How Can a Manteno, Illinois Lawyer Help?

An experienced Manteno, Illinois lawyer specializing in consumer financial issues can help if you believe that your credit rating reflects false information, or if you think a third party has maliciously damaged it.